Initiation of share repurchase program
The Board of Directors of Atea ASA has resolved to initiate a share repurchase program. The share repurchase program is in accordance with the power of attorney granted to the Board by the Annual General Meeting of Atea ASA on April 22, 2020.
The share repurchase program will be for a maximum consideration of NOK 100 million, and for a maximum of 750,000 shares. The program will commence on October 27 and continue until December 31, 2020. Buyback transactions will be executed according to the market price on the Oslo Stock Exchange, and the maximum price to be paid per share under the program is NOK 135. Shares repurchased under the program will be used to fulfill the company’s obligations under its employee stock option agreements. Atea will appoint a financial institution to carry out the share repurchase program.
The maximum number of shares purchased per day will be 25% of the average daily turnover in September, the calendar month preceding the month in which the buy-back program is announced. This limit is in accordance with the “safe harbor” exemption for market abuse, as described in EU Directive 2003/6/EC on insider dealing and market manipulation (Article 8) and EU Commission regulation No 2273/2003 on exemptions for buy-back programmes (Articles 3 to 6), and as implemented in Norway under the Securities Trading Act Section 3-12.
For more information, please contact:
Steinar Sønsteby, CEO Atea ASA, mobile (+47) 930 55 655
Robert Giori, CFO Atea ASA, mobile (+47) 934 09 188
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
About Atea
Atea is the leading supplier of IT infrastructure and system integration in the Nordic and Baltic regions with over 7,000 employees. Atea is present in 85 cities in Norway, Sweden, Denmark, Finland, Lithuania, Latvia and Estonia. Atea delivers IT products from leading vendors and assists its customers with specialist competencies within IT infrastructure services. Atea had revenue of approximately NOK 37 billion in 2019 and is listed on Oslo Stock Exchange. www.atea.com